As your answer is marked as correct and it's the most highlighted, it could be a good idea to add to it what @Maslow says, because Windows has the feature that devouredelysium is looking for already implemented.
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Áxel Costas PenaMar 18 '13 at 15:31

Is there a way to do this and pass the command line arguments?
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tmsimontMar 16 at 14:26

If all you want to do is run program or open folders, you can make a batch file to do that. As long as that batch file is in the PATH (and doesn't conflict in name) it will be run by any command prompt.

notepad example:
make a batch file to open notepad called np.bat
In the batch file write START %windir%\system32\notepad.exe

C drive example:
make a batch file to open the c drive called c.bat
In the batch file write START explorer C:\

Yes, I saw the reference to SlickRun, but there are quite a lot of others cited above that were not mentioned. If you don't like it, then I took it out.
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harrymcJan 22 '11 at 18:08

I second Launchy. I probably execute about 20-30 commands a day using it. Big plus, is it pops to the center of the screen so you don't have to divert your eyes from last/next task.
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RolnikJan 28 '11 at 16:50

I use a path, C:\bin, which I put into the system PATH variable. I put things like GNU utils, SysInternals, and shortcuts to frequently used programs here. For example, a short to notepad++ called np. Winkey+R, np, enter. Done.

Very helpful, I'd give more +1 points if I could. Batch files kinda suck in that the Ctrl+C signal goes to the batch file executor rather than the program actually running. (Which I guess makes sense in some cases but not if you're just using an alias.)
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Jason SMar 22 '13 at 23:08

Surprised is not the word. It's incredible that Windows has the feature that the asker is exactly looking for already implemented, that a answer that offers a workaround and many third-party software-based solution is marked as correct answer, another answer with a bunch of third-party apps gets awarded, and the real answer to the question don't get even the upvote of the original asker...
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Áxel Costas PenaMar 18 '13 at 15:26

The starting configuration isn't great, but if you edit the SQLLite databases and change it to a single path you can drop links, files, batches there and execute them by simply pressing Ctrl+Space, then typing in some of the characters of it's name.

e.g. start Firefox:
Ctrl+Space
type in ff
enter

It also allows to add arguments by pressing tab and then enter them, e.g. type in ipconfig /all

Have you considered a program like slickrun? It is very lightweight and useful; allowing you to map key strokes to commands as well as setting up short aliases for commands.

I would highly recommend it for the type of usage you're describing. There are other alternatives that do similar things, but it looks like maintenance and improvements to slickrun are now being done by the fine folks who brought us fiddler2.

For just typing it without pressing any prior/subsequent key, you have PhaseExpress.

Examples of PhaseExpress:

Visit SuperUser? runSU. Play StarCraft II? runSC2.

I add run because it doesn't interfere when typing SU here or SC2 on Gaming websites or in-game, but it's fully customizable and you can also choose to launch only by pressing a subsequent key. It also allows you to do text substitution, which can speed up things a lot...